Top 10 Most-Valued Firms lose Nearly Rs 1.33 Lakh Crore In Market Cap, Led By TCS, Reliance Industries
HDFC Bank gained Rs 18,270 crore in market capitalisation to Rs 13.8 lakh crore and Hindustan Unilever gained Rs 1,750 crore with its market cap rising to Rs 5.84 lakh crore.
The top 10 most-valued firms lose a cumulative 1.33 lakh crore in market valuation on Thursday, with Tata Consultancy Services Ltd. and Reliance Industries Ltd. emerging as the biggest losers.
TCS lost 31,712 crores in market capitalisation to Rs 15.35 lakh crore, and RIL lost Rs 30,310 crore with its market cap loss to Rs 17.19 lakh crore.
Infosys Ltd. and HDFC Bank Ltd. lost Rs 28,172 crore and Rs 14,608 crore, respectively.
The market capitalisation of ICICI Bank Ltd. lost Rs 10,110 crores to 9.06 lakh crores, and Bharti Airtel Ltd. also lost nearly Rs 9,820 crore, taking its market cap to Rs 8.88 lakh crore.
State Bank of India Ltd. was the only stock that ended in the green among the top 10 most valuable firms, gaining Rs 4,239 crore to Rs 7.48 lakh crore.
RIL remained the most valued firm, followed by TCS, HDFC Bank Ltd., Airtel, ICICI Bank, Infosys, SBI, Hindustan Unilever Ltd., ITC, and HCL Tech.
The NSE Nifty 50 and BSE Sensex ended at the lowest level since Nov. 22 as Infosys Ltd. and HDFC Bank Ltd.'s share prices dragged. The Indian benchmarks also witnessed the steepest intraday fall in over the last three weeks.
The Nifty 50 ended at 360.75 points, or 1.49% down at 23,914.15, and the Sensex ended at 1,190.34 points, or 1.48% lower at 79,043.74.
Moreover, sharp losses in technology stocks also pressured the Indian benchmarks. India's technology stocks were trading in the red because mixed data from the US created uncertainty over the Federal Reserve's monetary policy going forward.
The Nifty 50 declined as much as 1.65% to 23,873.35, the lowest level since Nov. 4. The Sensex declined 1.64% to 78,918.92.
Broad weakness across Asia–Pacific markets also weighed on the Indian benchmark indices.
HDFC Bank Ltd.'s share price rose 1.31% to a record high of Rs 1,836.10 apiece within one hour of Thursday's session. The recent uptick in the stock market comes as the bank continues to make strides in both its financial performance and customer outreach.
